In today’s business environment, CRM (Customer relationship management) plays an integral role in streamlining the business functions and processes. Technological innovations have paved the way for machines to act like humans. Artificial Intelligence is gaining prominence in recent years. Organizations worldwide are using Artificial Intelligence techniques to transform the way of doing business. Artificial intelligence with CRM has proved to be a good mix in delivering efficient and effective productivity.
Many businesses use CRM Software to collect, store, manage and control the customer data and information in an organized fashion. Al driven algorithms assists the companies in analyzing the customer information and helps them in decision making.
CRM today manages an exponentially large amount of data, and AI combined CRM captures what is happening and provides data points of prospective and existing customers. Organisations need Al driven CRM increasingly that will help them extract, evaluate and inspect data in real time which will enable them to make sound informed decisions.
How are Al driven CRM systems a better way to reach customers?
1. Serves as a virtual assistant:
Customer relationship management coupled with Al will helps the team to be productive in its operations. It can help businesses to manage calendars, schedule events, make calls, send follow up mails and carry on with the routine tasks. Artificial intelligence uses robotic technology and interactive voice response (IVR) to automate the interactions of the customers. Being a virtual assistant, it can replace customer support with live chat bots which will help in providing quality service, thus saving time and money.
2. Increased level of customer engagement:
Al has eliminated the load of administrative work and other day -to day tasks for the managers. It provides surplus time for the organization to focus its efforts on increasing the level of customer engagement and thereby building strong relationships with the customers. With chatbots, Al helps businesses to better serve the customers even after business hours.
3. Focused customer segmentation:
All enabled CRM helps organizations in creating customer segments based on their outlook. Without any effort, you can just easily segment the customers based on their behavior, past history, preferences, demographics and much more. With Al, your system keeps track of the past data, analyzes the behavior of the customers and helps the companies to forecast the future and to offer tailored personalized messages in order to increase the engagement. A focused customer segmentation will help the organization to focus their efforts and reap the maximum benefits.
4. Effective lead management:
It is imperative for the companies to keep track of their leads. When a high volume of data keeps pouring in, the employees find it difficult to follow up with them. AI coupled with CRM tools is a great way to increase the effectiveness of managing the leads. CRM holds the data of interactions that have happened and helps nurture the leads to move them down the sales funnel. CRM with Al replaces the sales rep’s work. They serve as a point of contact between the customer and the organizations by sending messages.
5. Gain Insightful data:
Al technology makes sure that the CRM system piles up the customer related information in a verified format with the required documents. Al provides insightful data and predictions based on the gathered data which helps in the business decisions. With Al powered CRM, you can have stronger data with prompt predictions which can be leveraged in order to enhance the business operations.
6. Social Networking:
Al driven CRM function creates a stronger customer base and constructs a network of prospective customers and referrals. It keeps track of the interactions, the communication history, the transactional data and delivers the necessary details to the teams which will be helpful for them in designing the strategies, improving the engagement and thus building brand loyalty.
7. Data Analytics:
Data Management is the keystone of any CRM solution. CRM coupled with Al helps to manage huge chunks of information in an organized manner. It is a centralized platform of integrated information across multiple channels. The teams who have access to information can view, manage and make modifications to the data which helps provide value, thereby achieving the objectives. CRM with AI helps combine reports based on data analysis and certain parameters. Al powered CRM is a revolutionary solution which helps in devising the marketing and sales strategies. Better data management and analytics helps organizations to create a customer focused marketing tactic in order to increase their experience.
8. Manage Performance:
The sales team has to do a quarterly review in order to evaluate the performance of each of the sales representatives’ tasks about how many leads are nurtured, how many deals are closed and how many are lost. Using Al CRM systems helps managers to have a complete overview of the goals, the targets achieved and the number of deals that are likely to get closed. This performance evaluation helps the sales team to focus their efforts and build up the objectives for the next quarter.
9. Higher retention rate:
All powered CRM systems help businesses to monitor the feedback received and organize the commonly asked complaints into a single category. This will help the customer support team to analyze the complaints and take proactive steps in resolving those issues. With the data from Al powered CRM, you can make out of the box recommendations throughout the sales funnel. It is rather an outstanding way to maximize the customer experience, thus increasing the retention rate by a significant percentage.
10. Effective deal closure:
Al based CRM helps evaluate the sales cycle in which some deals are closed, whereas some others are rejected. It helps provide deeper insights based on the various sales stages and sales pipeline. The sales team will take the next logical step based on those insights. Based on this, you will know which prospective customer is likely going to move down the sales funnel, thus letting you manage your efforts and strategize the deals in your pipeline more effectively.
The Al powered CRM provides a lot of tangible and in-tangible advantages for businesses. Thus with the use of this magical mix, organizations can build better customer engagement, enhance the loyalty, increase the brand reputation and thereby expedite the revenue numbers. Artificial intelligence with CRM is a sure shot way to grow your business that will help you reap innumerable benefits.